How does SAP S/4HANA Cloud differ from on-premises S/4HANA?

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SAP S4 Hana MM, SD, IS Retail, FMS, PMR Consultant - 11 Years experience

S/4HANA Cloud is a much more restricted offering than On-Premise, offering only predefined configurations and less control and flexibility. It is more suited to businesses that need an ERP for general processes and don't require too much customization in their workflows.
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